Investing · Western classics

Thorstein Veblen:The Theory of the Leisure Class, Excerpt 22

Thorstein Veblen《The Theory of the Leisure Class》· The Theory of the Leisure Class · Investing

Property set out with being booty held as trophies of the successful raid. So long as the group had departed and so long as it still stood in close contact with other hostile groups, the utility of things or persons owned lay chiefly in an invidious comparison between their possessor and the enemy from whom they were taken. The habit of distinguishing between the interests of the individual and those of the group to which he belongs is apparently a later growth. Invidious comparison between the possessor of the honorific booty and his less successful neighbours within the group was no doubt present early as an element of the utility of the things possessed, though this was not at the outset the chief element of their value. The man's prowess was still primarily the group's prowess, and the possessor of the booty felt himself to be primarily the keeper of the honour of his group. This appreciation of exploit from the communal point of view is met with also at later stages of social growth, especially as regards the laurels of war.

Source: https://www.gutenberg.org/ebooks/833
Locator:Excerpt 22 · Verified:2026-10-19 · Verification:Short excerpt

Today's question

Does this passage change one judgment about money or risk today?

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